How to Reduce Cost Per Lead (CPL) Using B2B Data

Cost Per Lead (CPL) is the dollar amount you are paying to acquire each lead from your advertising campaigns. For instance, if you have spent $10000 on a campaign that generated 100 leads, your Cost Per Lead (CPL) is $100. It is essentially the figure you are paying for each individual lead.

How does it affect your marketing budget?

Marketers spend millions of dollars in advertising each year. Lead generation or demand generation will always be a part of any marketing budget. Marketing leaders know how difficult it is to watch every dollar spent while working on a tight budget. Unfortunately, many of them don’t think it is important to calculate Cost Per Lead (CPL) and determine the ROI of their advertising campaigns. The infographic below paints an accurate picture of how important calculating Cost Per Lead (CPL) is while working on a tight advertising budget.

How to Reduce Average Cost Per Lead (CPL)?

There are many ways you can lower your cost per lead on your advertising campaigns. We’ll go through some of them here.

Narrow down your target audience

We’ve seen that most companies don’t have a clear understanding of their target audience. Without a clear understanding of who will benefit from your product, how they research new products and offerings, which products are they currently using, and where they generally buy from, you might not be able to achieve your goal. Using sales and marketing intelligence platforms like SMARTe Discover and SMARTe Enrich can help you find your target market, understand their pain points, and know what motivates them to make a purchase. This will help you narrow down your target audience, and craft marketing communication and your sales pitches that foster long-term relationships.

Limit the number of form fields

You have to keep the number of steps to complete the sign-up as low as possible. For instance, if you are using LinkedIn Lead Gen Forms, you should aim to keep the number of fields limited. You only need their name, email address, and company name are all you need to qualify the lead. If you need additional information like verified business emails, mobile numbers, etc. you can integrate LinkedIn Lead Gen Forms with SMARTe Enrich through API. SMARTe Enrich is powered by a massive database of 166 million contacts and 10 million companies. This way, you’ll have all the data you need, the prospect won’t have to go through a long form-filling process, thereby boosting your chances of conversion.

Use lookalike audiences

Marketers who are constantly in the lookout for new leads should definitely know how effective it is to market to lookalike audiences. A lookalike audience is a set of prospects who are assembled using key data factors from your Ideal Customer Profile. Their firmographics, demographics, technographics, and sociographic data will closely resemble your best customers. They will have similar challenges, pain points, motivation, and goals. SMARTe Discover allows you to build targeted lists of prospects based on various factors and gives you direct access to key decision-makers of accounts that are most likely to purchase your product.

Reach out to us

If you are not able to generate leads at a reasonable price, it is difficult to achieve your revenue goals. Our tools and software can help you reduce Cost Per Lead (CPL), thereby giving you more flexibility and control over your advertising spend.

Click here to reach out to us. We’d be happy to help.